I recommend you retain a tax professional.

About 10% of home sales the seller does not hire an agent.

These are professionals with additional training and a stricter code of ethics.

I'd love to connect, ask questions, and hear recommendations of areas to invest in and professionals to work with.Please feel free to send a DM.Thanks and God Bless!

You or your spouse would need to qualify as a real estate professional for that.

If I understand your situation correctly, you could structure a Tenancy In Common (TIC) deal where each of the separate LLCs owns an undivided interest in the replacement property, as tenants in common.These deals need to be structured properly and you need to have an attorney familiar with 1031 exchanges involved to make sure it's done properly.Also, if there is a lender involved, that can complicate the matter as well.It's definitely doable, if you have the right professional help while you're doing it.Feel free to write if you have any questions about this.

Now hire the best PM you can find.

I can offer insights from the perspective of someone who hires real estate analysts

But yeah, you should hire a property manager.

Hi Bigger Pockets Community,
New member here...Im looking for some advice on whether I should be classified as a REPS or not for 2023 Tax year as my CPA isnt much help on determining if I should make this designation...